Latest news with #QatarInsuranceGroup
Qatar Tribune
02-06-2025
- Business
- Qatar Tribune
QIC recognised at Google Cloud Summit Doha
Tribune News Network Doha Qatar Insurance Groupwas recognized at the Google Cloud Summit Doha 2025 for driving innovation in the financial industry. This recognition marks a significant milestone in QIC's strategic journey to revolutionize insurance through advanced technologies and global partnerships. The summit, held at the Qatar National Convention Centre, brought together over 1,500 attendees, including Google Cloud partners, government leaders, enterprise customers, and technology innovators. The event focused on the latest breakthroughs in artificial intelligence, data, cloud computing, and cybersecurity. QIC's recognition highlighted its bold adoption of cloud-native technologies and AI-driven solutions, as well as its role as a thought leader shaping the future of the industry. Notably, QIC organized and hosted the annual fourth edition of the MENA Insurtech Summit and the inaugural MENA Fintech Summit earlier this year in Doha. These events brought together global experts, regulators, investors and startups to accelerate innovation, regulation, and investment in digital insurance and financial services. During the Google Cloud Summit 2025, QIC Group CEO Salem Al Mannai held high-level meetings with senior Google Cloud executives, includingAnthony Cirot - Vice President, EMEA South, Ghassan Kosta - Regional General Manager, and Basel Haddadin - Regional Sales Manager. The discussions focused on ongoing digital transformation projects and expanding collaborative opportunities in areas such as AI-powered customer experience, real-time data analytics, operational automation, and next-generation cloud security. Reflecting on the recognition,Salem Al Mannai said, 'At Qatar Insurance Group, we are reimagining insurance for the digital age by embedding advanced cloud infrastructure, AI, and data intelligence into every layer of our business. Our partnership with Google Cloud is a cornerstone of this journey, enabling us to deliver secure, scalable, and customer-centric solutions. This recognition at the Google Cloud Summit affirms our strategic commitment not only to digital excellence, but to leading the transformation of the financial sector across our region.' He added, 'Initiatives like the Google Cloud Summit are necessary platforms for open collaboration where ideas, capital, and technology come together to accelerate meaningful change. We are proud to contribute to these conversations and to help shape a resilient, digital-first future for insurance and finance in the MENA region.' QIC's participation in the Google Cloud Summit reinforced its position as a regional innovation leader, committed to evolving the insurance model through bold technological investments and cross-sector collaboration. As the industry continues to face new challenges and opportunities, Qatar Insurance Group remains focused on building a smarter, more agile, and future-ready financial ecosystem, both within Qatar and beyond. 'What we are accomplishing today through digital transformation and investment in innovation reflects our deep belief in Qatar National Vision 2030, which places knowledge and technology-based economic diversification at its core. The vision encourages impactful partnerships between the public and private sectors and at Qatar Insurance Group, we are committed to being a key pillar in this comprehensive national transformation,' concludedAl Mannai.
Qatar Tribune
12-05-2025
- Business
- Qatar Tribune
Qatar solidifies position as regional fintech and insurtech leader with successful summits
Tribune News Network Doha The fourth edition of the MENA Insurtech Summit and the inaugural MENA Fintech Summit 2025, hosted by Qatar Insurance Group (QIC Group), concluded today in Doha with resounding success, cementing their position as the region's premier platforms for innovation, collaboration, and thought leadership in insurance and financial technology. These landmark events reflected a bold and unifying mission: to bridge vision with execution, policy with innovation, and local entrepreneurship with global opportunity. Together, they showcased the Middle East and North Africa's growing capacity to lead global conversations and deliver real-world solutions in the evolving worlds of insurance and finance. Over two action-packed days, the summits welcomed a diverse international audience of innovators, investors, corporate leaders, regulators, and media representatives. This year's expanded agenda offered a comprehensive view of the future of finance and risk management, exploring cutting-edge technologies, shifting consumer behavior, regulatory transformation, and the role of innovation in sustainable development. Leadership Reflections: A Collective Vision for a Digitally Empowered Future As the curtains closed on the summits, the leadership of QIC Group reflected on the magnitude of progress and collaboration on display. Sheikh Hamad bin Faisal Al Thani, Chairman of QIC Group, remarked: 'These two days have been a powerful affirmation of our region's immense potential to lead in digital innovation. The future of insurance and finance is being shaped right here in Doha by brilliant minds, bold ideas, and a shared commitment to progress. As we gather the brightest global talents and innovators, we also reaffirm Qatar's position as a regional engine for transformation and excellence.' Salem Khalaf Al Mannai, Group CEO of QIC Group, added: 'At QIC, we believe that innovation is not a luxury, but an imperative. These summits are part of our long-term strategy to realize that and to make Qatar a regional hub for insurtech and fintech excellence. The energy, creativity, and ambition we witnessed over the past two days have been nothing short of inspiring. We are proud to stand at the intersection of tradition and transformation, building bridges between startups and regulators, talent and opportunity, vision and execution.' Diverse Dialogues, Global Perspectives One of the summit's most talked-about sessions, 'From Merchants to Mobile Agents: The Rise of Alternative Insurance Distribution,' explored how consumer expectations and technological advancements are reshaping the distribution of insurance across digital platforms, retailers, telecoms, and gig economy workers. Global case studies from Africa and Asia provided compelling blueprints for how MENA markets can leapfrog traditional models and improve insurance accessibility for millions. A Showcase of Innovation and Local Talent Another standout session was Demo Day, where five trailblazing startups: MIC Global, StarUp, Jaguar Transit, Otonomi, and Digital Petroleum, pitched their transformative solutions to a panel of regional investors. These companies were selected as part of accelerator programs led by QIC Digital Venture Partners (QIC DVP) in collaboration with the Qatar Financial Centre (QFC) and the Ministry of Communications and Information Technology (MCIT), reaffirming Qatar's commitment to nurturing a thriving insurtech and fintech ecosystem. The summit also hosted a Startup Workshop that gave rising entrepreneurs direct exposure to the local innovation landscape, incubation programs, and new market-entry opportunities. Another high-profile session focused on the Qatar Financial Centre (QFC)'s Digital Asset Lab, which showcased Qatar's ambition to become a pioneer in digital asset regulation and innovation. Attendees learned how QFC is providing a sandbox environment that welcomes startups experimenting with blockchain, tokenization, and decentralized finance (DeFi), while ensuring robust compliance and investor protection. The session emphasized the balance between fostering innovation and safeguarding financial integrity, a critical differentiator in today's rapidly evolving global financial landscape. Complementing this was a dynamic session led by Qatar Development Bank (QDB), which highlighted the strategic role of its Fintech Hub in driving the next wave of entrepreneurial growth. QDB's representatives outlined how its comprehensive support model, including equity financing, grants, mentorship, and market access, has enabled startups to scale their solutions both locally and internationally. The session made a compelling case for the role of state-backed capital and structured ecosystems in catalyzing innovation and creating commercially viable, impact-driven fintech ventures. Innovation for Climate Resilience and Sustainable Development The summits featured a wide array of forward-thinking sessions that brought together private sector leaders, policymakers, and innovators to explore some of the most urgent and transformative trends in financial and insurance technology. One particularly impactful session, 'Protecting Farmers, Powering Growth: The Role of InsurTech in Agriculture Insurance,' addressed the persistent global challenge of protecting smallholder farmers against climate risks, natural disasters, and market volatility. Experts discussed how mobile-based microinsurance, satellite data, and blockchain-powered smart contracts are driving a paradigm shift in how coverage is delivered and claims are settled. The session also explored how public-private partnerships, including development banks, agribusinesses, and telecom providers, can scale these innovations to reach underserved rural communities across the MENA region. Real-world examples from Africa, India, and Latin America offered compelling lessons in designing accessible, affordable, and fast-acting agri-insurance programs. QIC Job Fair Champions Qatari Youth As part of its broader commitment to national development, QIC Group organized a dedicated Job Fair on the sidelines of the summit, an initiative that underscored its unwavering support for Qatar National Vision 2030. The fair provided internship and employment opportunities for young Qatari professionals and students, creating a direct link between the country's next generation of talent and the rapidly evolving financial and insurance technology sectors. With participation from QIC Group's business units and industry partners, the initiative aimed to equip local talent with the skills, exposure, and experience required to thrive in a future-ready economy. The fair also served as a platform to foster mentorship, knowledge transfer, and career guidance, reaffirming QIC's leadership in championing national human capital development through tangible, impact-driven initiatives. A Platform for Lasting Impact Held under the auspices of Qatar Central Bank, the summits were supported by the leadership of H.E. Sheikh Bandar bin Mohammed bin Saoud Al Thani, Governor of Qatar Central Bank, and attended by H.E. Sheikh Mohammed bin Hamad bin Qassim Al Thani, Vice Governor. Their involvement further amplified the national significance of these events. Strategic partnerships also played a vital role in shaping the summits' impact. The Ministry of Communications and Information Technology (MCIT) joined as the lead strategic partner for both events, while Commercial Bank of Qatar and Ooredoo Fintech served as strategic partners of the MENA Fintech Summit. These collaborations elevated the stature of the summits and underscored a unified national commitment to digital transformation and innovation-driven growth. With enthusiastic participation from venture capital firms, accelerators, and regional innovation hubs, the MENA Insurtech & Fintech Summits 2025 concluded on an optimistic, forward-looking note. They set the stage for deeper partnerships, sustained investment, and game-changing initiatives in the months and years ahead.
Zawya
30-04-2025
- Business
- Zawya
Qatar: QIC Group posts first-quarter net profit of $56.31mln
Qatar - Qatar Insurance Group has posted a net profit of QR205mn for the first quarter of 2025, up from QR194mn in Q1, 2024. The results were approved during the Board of Directors meeting presided over by QIC Group Chairman Sheikh Hamad bin Faisal bin Thani Jassim al-Thani here Tuesday. Sheikh Hamad stated, 'QIC's Q1, 2025 results continue to reflect our consistent and stable bottom line focused growth with net profits of QR205mn at a 6% overall growth. While our direct Mena gross written premiums continued to grow at 17% quarter-on-quarter, our disciplined risk selection and exit from low‑margin international portfolios have strengthened our capital base and underpinned selective growth. 'As market conditions normalise, we are fully committed to accelerating our digital transformation and expanding customer-centric innovations to sustain our leadership position across the region.' Sheikh Hamad added: 'Strategic investments in automation and data-driven decision-making have enhanced our operational efficiency and turnaround times. With the launch of our ESG framework and the establishment of our Sustainability Committee, we are embedding environmental and social responsibility into every aspect of our business. 'In 2025, we are focused on deepening market penetration, advancing digital leadership, and upholding the highest standards of governance. As part of our regional growth strategy, we are moving forward with plans to enter the Saudi market—subject to regulatory approvals—marking a significant step in expanding our footprint across the GCC.' Group Chief Executive Officer Salem Khalaf al-Mannai said, 'Q1, 2025 results are once again the testament of QIC Group's successful execution of its set strategy to build up a well-diversified and balanced risk portfolio focused in short tail risks, which will deliver consistent and stable bottom-line driven growth. Operational excellence remains at the core of our strategy. 'In Q1, 2025, we delivered insurance service results of QR76mn, net investment and other income of QR229mn and consolidated net profit of QR205mn. The consolidated net profit attributable to shareholders of the parent stood at QR201mn. These results demonstrate robust momentum across our core business lines.' While the global and regional markets were highly volatile and challenging, QIC Group has delivered a net profit of QR215mn with a 11% growth in bottom line for the period (before the impact of Pillar II, which is effective from 2025). 'As the global insurance rates continue to soften and decline, we continue to maintain our growth momentum and our Gross written premium growth as per plan, generated through our direct regional operations and international operations through Antares Lloyds Syndicate, London.' Al-Mannai stated: 'Our relentless focus on process optimisation and automation is yielding tangible gains in cost efficiency and service speed. Enhancements to the QIC App, including seamless car rentals, repair services, car wash bookings, and real-time vehicle valuations, further cement our reputation as Qatar's most innovative insurer. Supported by a strong capital position and a Board-approved ESG framework, we are driving consistent, profitable growth while delivering exceptional customer experiences.' The regional gross written premiums increased to QR1.7bn in Q1, 2025 up 17% quarter on quarter – and now account for more than half (59%), of the group's total premiums, compared to less than 20% in 2021. While there is currently a great deal of uncertainty and confusion surrounding tariffs and trade tensions amongst leading global economies that has impacted the global financial markets like a storm cloud, QIC continued to report stable investment and other income of QR229mn for Q1, 2025, compared to QR245mn for the same period in 2024. The return on investment came in at 5%, compared to 5.3% last year. QIC Group maintained a stable, well-diversified investment portfolio, aligned with its long-term strategic asset allocation. © Gulf Times Newspaper 2022 Provided by SyndiGate Media Inc. ( Doha
Zawya
23-02-2025
- Business
- Zawya
QIC Group showcases the future of insurance at web summit
Doha, Qatar: Qatar Insurance Group (QIC Group), the leading insurer in Qatar and the MENA region, has announced its participation in Web Summit Qatar 2025, taking place from 23 to 26 February at the Doha Exhibition & Convention Center (DECC). Themed 'The Future of Insurance, Powered by QIC', QIC Group's participation at this year's Summit focuses on leveraging the Group's regional leadership to shape the future of the industry across the Middle East and North Africa. Showcasing the future of insurance through cutting-edge technology and innovation, QIC aims to nurture disruptive Insurtechs and digital ecosystems that are poised to grow from the region to the world. Mr. Salem Al Mannai, Group CEO of QIC, said: 'Being the leading insurer in the MENA region and the locomotive of digital innovation regionwide make us at QIC better positioned to anticipate the future of insurance, and to help other regional players get ready to navigate consumer behavior change, demand shifts, and to cope with global trends.' Al Mannai added: 'Capitalizing on QIC's repertoire of continuously challenging the status quo of regional insurance since 1964, along with our digital vision and relentless investments in cutting-edge solutions is needed more than ever for a thriving future of the industry in the region. This includes our QIC Digital Venture Partners to build new digital ventures and invest in high potential early-stage Insurtechs, the QIC digital hub establishing the region's first insurance-powered digital ecosystem, in addition to the QIC-founded MENA InsurTech Summit and MENA InsurTech Association as pivotal regional bodies gathering key players and decision makers to discuss the future in the industry across the region.' Al Mannai concluded: 'We are happy to be part of the world's largest tech conference hosted in Qatar for the second year in a row, and to contribute to showcasing our country's digital potential to the world. We are confident that our digital-first units and subsidiaries will once again mark an outstanding participation in this mega-event, and we are looking forward to welcoming the global tech community and to collaborate on shaping the future of insurance in the region.' QIC Group will host a dedicated pavilion where all its units and subsidiaries showcase their latest initiatives and flagship solutions in front of the global tech community, and their plans to contribute to shaping the future of insurance in the region. The QIC pavilion incorporates the Innovation Floor: a unique launchpad bringing together global startups, investors, and corporations looking for growth opportunities in the MENA region, and to benefit from QIC's expertise in enabling access to mentorship, investments and insurance markets in the region. QIC will also host daily workshops on corporate innovation, and speaker series on 24, 25 and 26 February, where the global tech community can share insights on digital ecosystems in the region, and shed light on the future of insurance, and investment in an AI-themed world. Visitors will have the chance to be part of engaging tech activations at the QIC pavilion, in addition to live demonstrations of QIC's latest digital solutions designed to help everyone live, drive and travel worry-free while being in full control of their insurance needs. QIC Group's units and subsidiaries present at the Summit and part of the QIC pavilion include QIC Digital Venture Partners, QIC digital hub, Anoud Technologies, Epicure Investment Management, Antares, Oman Qatar Insurance Company (OQIC), Kuwait Qatar Insurance Company (KQIC), and QIC Real Estate. For more details on QIC's participation in Web Summit Qatar 2025 and to view the full schedule of events at the QIC pavilion, please visit About QIC Group As the region's largest and first digital insurance company, Qatar Insurance Group has taken on the role of elevating the region's insurance industry, with over 60 years of experience in the global insurance market. Through its various initiatives, partnerships, and investments, including the seamless integration of its products with national companies and government entities in the countries where it operates, the Group ensures that the future of insurance in the region is in safe hands, continually strengthening its leading position through innovation and integration.
